S&P Global Ratings on Sept. 29 changed 's outlook to negative fromstable.

The rating agency revised the outlook due to pressure on therating on the company because of higher financial leverage than S&Pconsiders proportional with the rating category. While the agency considers Sky'soverall performance to be sound, it cannot "rule out slower-than-expectedrevenue and EBITDA growth at its businesses in Italy(Sky Italia S.R.L.),Germanyand Austria (SkyDeutschland GmbH), and Ireland leadingto a shortfall in euro-denominated earnings compared to the company's basecase."

Sky's deleveraging efforts are also put at risk by anypotential weakening of operating performance from the company's core business due to, among other factors, increased competitionfrom cable, telecom and internet service providers, S&P added.

S&P Global Ratingsand S&P Global Market Intelligence are owned by